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If you intend to apply for a cash back credit card, you are probably on the lookout for the best – the one that gives maximum returns. However, there is no one credit card that is best for every single one of us. What’s suitable for one may not be suitable for you. You should then consider the following factors when making your choice.

1. The amount of money you charge per annum – Judging from a purely financial standpoint, the best cash back card would then be one that offers the highest reward rate. However, though it may be the main consideration regarding cash back cards, there are other points to consider aside from the cash reward. Other companies may try to offset a lower cash reward rate by offering additional perks that may be more beneficial than cash rewards in the long run, so it is important to look at the whole picture.

2. What you pay for with your credit card and the corresponding reward rates – Some credit card companies offer higher rewards if the card is used to pay for certain goods or services. Choosing a card that gives a higher cash back reward rate for a category that you often avail of is a definite advantage for you.

3. The establishments you favor – Not all credit cards are accepted everywhere. It is a good idea to check the places you usually go to and determine which cards are accepted there. If your card is not accepted in the places you frequent, you may end up not using it or transferring to another place, which is highly inconvenient.

4. When you want the reward – Some cash back cards give rewards immediately. With others, you have to wait an entire year. There are also those that have a certain amount of rewards set for a certain period. This means you have to accumulate that set amount of rewards before you can claim them.

5. The reward restrictions – If the reward rate on a cash back credit card is unnaturally high, the odds are there is a cap or limit on the total amount of money you receive as a reward. If you do not spend enough to reach this limit, then this wouldn’t be much of a problem for you.

Of course, there are also other things to think about. You have to take more factors into account if you want to maximize the rewards you are going to get. Take time to analyze your spending habits and from there, determine which card will be most beneficial to your finances.

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